Small businesses struggle on many fronts and find it difficult to strive in the competitive world. But with the help of fractional executives, these businesses have a true fighting chance!
What is a fractional executive?
A fractional executive is an individual a company hires to fulfill an executive role. This role asks for a fraction of the full-time work, and these individuals do not work for long office hours but as consultants instead. Companies hire fractional executives on part-time or on-demand contracts.
Such hires are the best options for companies who may not have the resources needed to hire a full-time executive or simply do not have the need. Companies who want business experts without spending a lot of money often go for fractional executives. These individuals are often highly experienced, having spent many years in the field, and can prove to be very valuable assets. Fractional executives may have a vast range of skills pertaining to different disciplines or just one, depending on their qualifications and experiences.
Such executives may practice independently, or they may be a part of a consulting firm. These experts can fill in different roles besides consultancy. For example, you can also hire a fractional executive to fulfill senior management roles and make important decisions. Companies can also hire their services for a specific project, such as a marketing initiative, and bid farewell when the project ends.
Related: How a Fractional Executive Can Take Your Business to the Next Level